US President Donald Trump has once again signaled a possible breakthrough in trade negotiations with India, stating that the United States is close to finalising a trade deal with New Delhi. His remarks came after he announced new trade measures on 14 other countries, including Japan, South Korea, Bangladesh, and Thailand, to come into effect starting August 1.
We are close to making a deal with India: Trump
"We are close to making a deal with India. We have made a deal with the United Kingdom. We have made a deal with China," said Trump.
"Others we met with, and we don't think we are going to be able to make a deal, so we just send them a letter. We are sending out letters to various countries telling them how much tariffs they have to pay. Some will maybe adjust a little bit depending if they have a cause, we're not going to be unfair about it," the US President added.
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Trump to extend key tariff deadline to August 1
After releasing fresh tariff letters against 14 countries, the White House said that the US President will sign an executive order delaying his July 9 tariff deadline to August 1. However, the US president said that he was not "not 100% firm" on his new August 1 deadline to impose reciprocal tariffs, or reach trade deals.
Trump had sent letters to 14 countries on Monday, including Japan, South Korea, and Bangladesh, announcing more levies on their goods, causing fresh uncertainty in the global economy.
"I would say firm, but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that,” Trump told reporters when asked if the deadline for the tariffs was firm in the presence of visiting Israeli Prime Minister Benjamin Netanyahu.
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Trump's tariff on 14 nations
According to Trump's letters posted on Truth Social, the tariffs will be as follows:
- 25% tariff on South Korea
- 25% tariff on Japan
- 40% tariff on Myanmar
- 40% tariff on Laos
- 30% tariff on South Africa
- 25% tariffs on Kazakhstan
- 25% tariff on Malaysia
- 25% tariff on Tunisia
- 32% tariff on Indonesia
- 30% tariff on Bosnia and Herzegovina
- 35% tariff on Bangladesh
- 35% tariff on Serbia
- 36% tariff on Cambodia
- 36% tariff on Thailand
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